NRG Energy acquires South American generation capacity from Vattenfall

NRG Energy of Minnesota, US, has acquired the interest owned by Swedish utility Vattenfall in three South American power generation projects. The acquisitions include two hydro generators – Compania Boliviana de Energia Electrica (COBEE) and Itiquira Energetica in Brazil. In addition, NRG announced it has acquired ownership interest in Inepar Energia in the Itiquira project.

NRG was previously a 50% partner with Vattenfall in COBEE and Itiquira. NRG will now own 98.9% of COBEE and 99% of the common shares of Itiquira. COBEE, with 220MW of predominantly hydroelectric generation, is the second largest electric generator in Bolivia and Itiquira is a 156MW hydroelectric project under construction in Brazil. Commercial operation of Itiquira is expected in March 2002.

In a statement, Vattenfall said the investments were sold so that it could focus on its core business in the north European market. As part of the transaction, NRG has also agreed to purchase Vattenfall's interests in two Peruvian assets, Cahua and Cementos Norte Pacasmayo (CNP), which comprise 45MW of hydroelectric generation and 66MW of hydroelectric and diesel generation, respectively.

NRG is a global energy company engaged primarily in the acquisition, development, construction, ownership and operation of power generation facilities. NRG owns all or a portion of 66 projects (188 facilities) in operation and under construction. Its net ownership interest in these projects is 19,549MW. In addition, the company has 5543MW of projects under signed acquisition agreement and 7240MW of projects in advanced development, for a total of 32,332MW of capacity from identifiable projects.

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